Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>   Daily News  >>   Cambodia News  >>   Insurance  >>   Insurance giant expands ASEAN Footprint
NEWS UPDATES Asean Affairs    4 July 2012

Insurance giant expands ASEAN Footprint

02-07- 2012
Leading Canada-based financial services company, Manulife Financial Corporation  has set up a head office in the Southeast Asian country of Cambodia. The new office has been set up to expand its business and presence in the Cambodian region, though it has already started its operations from June this year. The country, with a population of approximately 15 million, promises to be a good market for Manulife.

Earlier, during November 2011, Manulife received an approval from the Canadian government to establish a fully-owned life insurance operation in the region.

The inauguration was scheduled to coincide with Manulife’s 125th anniversary. The company was established in 1887 and has been providing clients with reliable and progressive solutions and helped them to make significant financial decisions.

With market-leading positions in Asia, Canada and the United States, the company leverages a diverse business platform that offers a range of financial products in both developed and developing markets around the world.

The Cambodian operations will fall under its ASEAN segment and will mark the 11th Asian country in which Manulife has a presence.

The insurance industry in Cambodia seems lucrative, especially after the opening up of the sector in 2000, which allowed the entry of foreign players in the country. The country’s regulations required an insurance company to have a minimum paid up capital of $7 million. Though it was very easy to meet the financial requirements, it will it will be relatively tough for Manulife to educate its masses, which is unaware of its numerous insurance products and their benefits.

However, Manulife is enthusiastic about cashing in on the emerging life insurance needs of the people of Cambodia. The insurance market in this country remains largely underpenetrated with a mere 0.3% of the total population carrying insurance protection.

There are at present a handful of insurance companies, which include six general insurance players (led by Forte Insurance) and one life insurance company, Cambodia Life, which is a newly-formed joint venture between the government and four Asian firms. In the reinsurance space, there is just one domestic reinsurance company, the state-owned Cambodia Re.

With only a few companies in the market, competition is not much of a problem, and there are limited insurance choices for people. Also, high premium costs allow only 1-2% of the total Cambodian population to buy insurance protection at present.

Manulife is bent on serving the remaining population via its differentiated cost-effective products. Moreover, growing awareness about the importance of insurance will make it easy for Manulife to gain customers.

Manulife closely competes with China Life Insurance Co. Ltd. and Sun Life Financial Inc.


Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below
Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code



 
Today's  Stories    4 July 2012  Subsribe Now !
• ASEAN trading link not ready yet   Subcribe: Asean Affairs Global Magazine
• Asean Health Ministers gather in Phuket  Asean Affairs Premium

• Thai laws not adequate to counter money...

Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• Investors put off by Malaysian industrial...
• Korea Eximbank bullish on Philippines growth  
• Burma cancels gem show as fighting ...
• Lao, Malaysian young business generation...
• Lao PDR Trade Portal launched  
• Insurance giant expands ASEAN Footprint  

 

Asean Analysis              22 June   2012

Advertise Your Brand
• Asean Analysis- June 22, 2012  
• Asean Weekly- June 22, 2012 Sponsor Our Events

Asean Stock Watch    3 July   2012 

 
• Asean Stock Watch-July  3, 2012 p

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com